Bitcoin on the Brink: Expert Predicts Explosive Rally as Correction Hits Bottom

Bluntz, known as a ‘master trader’ on cryptocurrency exchange Bybit, analyzed that Bitcoin (BTC) is about to enter a new bull market.

According to Daily Issues, a cryptocurrency media outlet, on the 27th (local time), famous cryptocurrency strategist Blunts claimed in a recently released video that Bitcoin has narrowed its lows since the August low of about $49,000 and is ready for an upward breakout. .

Blunts analyzed that Bitcoin is forming a series of ‘1-2 Elliott Wave’ structures, predicting the entry into a major upward trend. “Now wave 2 is getting shallower, which is a sign of preparation for an upward breakout into a huge third wave,” he said, explaining that the current price movement of BTC indicates a strong market.

According to him, the first Wave 2 correction hit the 0.768 Fibonacci level at $52,000, the second hit the 0.50 Fibonacci level at $59,600, and the third hit the 0.382 Fibonacci level at $65,300. The explanation is that the fact that the range of adjustment is decreasing like this suggests that a strong upward trend is forming.

Rising outlook based on Elliott Wave theory
Blunts predicted that if Bitcoin maintains above $65,300, it is likely to begin a strong third wave rally after a brief sideways move below $68,000. According to Elliott Wave Theory, bullish assets usually rise through five waves, of which the third wave represents the strongest upward period.

According to CoinMarketCap, Bitcoin is trading at $67,102 on this day, and according to Blunts’ analysis, a strong upward breakthrough is expected in the future.